G7 to release ‘100 million barrels’ of oil and diesel after Trump export ban threat
Leaders of G7 nations have announced they will release up to 100 million barrels of diesel and crude oil from emergency reserves in a coordinated effort to stabilise world energy markets.
The move comes after United States President Donald Trump urged the European Union to draw down emergency diesel inventories, warning that failure to act could lead to a US ban on diesel exports.
Speaking to journalists via videoconference, French President Emmanuel Macron said “there would be no export bans among G7 members” and that the release will begin immediately and is being coordinated by the International Energy Agency over the coming months.
Shortly after the announcement, Trump confirmed the US is walking back its export ban threat, adding he never planned to do it.
In Australia, Energy Minister Chris Bowen has welcomed the G7’s announcement and said Australia will continue to allow suppliers to hold 20 per cent less diesel and petrol in reserves until January 2027.
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